Jackson Market Report – June 2023

June is here and so is the season influx of buyers into the real estate market. Mortgage interest rates are still high and inventory remains low. Read on to see what is happening right now in the Jackson/Butts County real estate market.

Days on Market have Decreased

In May, the median days on market for sold homes in Jackson dropped to 15, down from 28 days in April. While this is still a year over year increase from the median of 6 days on market we experienced in May of 2022, it’s far fewer than we saw throughout the 1st quarter of this year. This decrease is due in large part to the ongoing inventory shortage, which is motivating buyers to act quickly when new listings come available. Limited inventory & decreasing days on market provide an opportunity for sellers with a strategic marketing & pricing plan to maximize their sale price and sell in the fewest days possible.

Number of Properties Sold has Increased

Jackson had 38 home sales during the month of May 2023. This is just one less than the 39 sold during May of 2022, and a month-over-month increase when compared with the 34 sold in April. It’s also worth noting, only 39 new listings came on market in May 2023 vs 69 new listings in May 2022. As supply remains low, those who chose to list their home can maximize their sale price by properly pricing and positioning the property to stand out in the market.

Median Sale Price has Decreased

For the 1st time since the beginning of 2023, we saw a decrease in the median sale price for the Jackson market in the month of May. The median sale price for May 2023 was $240k, down from $260k in May 2022 & $295k in April 2023. However, average sale price was nearly flat at $280k in May of both years, showing more stability than is suggested by the median.